Al-Quds Index in a horizontal movement and institutional transactions increase the trading value

2016-06-23

Weekly Trading Report ]19-23/06 [2016

The general trend of the moving stocks in Al-Quds Index varied this week. Some had an effect in the relative balancing around the prevailing prices, while others haven’t been helped by the levering liquidity yet. Whereby, the standstill and anticipation status- far from the institutional transactions- is still dominating Palestine Stock Exchange PEX amid a horizontal movement that is sloping down this week following the lack in general incentives. Regarding the expectations, the listed companies’ semi-annual financial data disclosure is what mostly anticipated by the investors with their different categories. The long-term investor may have stronger vision on his annual return in effect, while the speculator may ride any price wave that results on the financial announcement. In both cases, the PEX lacks qualitative liquidity factors that are able to shift the general and comprehensive activity.

In terms of this week’s trading, the stock of Al-Takaful Palestinian Insurance Company TIC topped the week’s transactions by 24.84%. This followed executing an institutional transaction on TIC’s shares, in which Palestine Islamic Bank raised its stake in the company to 42.13% through purchasing 1.41 million shares. TIC declined slightly by 0.32%, to close at the level of 3.14%. The stock of the National Bank TNB followed when its transactions constituted 22.62% from PEX’s total trading value after executing several high-volume transactions- some were institutional. On the other hand, TNB achieved noticeable gains this week, to close at the level of $1.47 after recording gains worth 3.52%. The stock of the Arab Palestinian Investment Company APIC – with it significant activity since weeks- followed, when its transactions constituted 18.17% from total trading value after rapid price movements that were overlapped thoroughly by several traders’ categories, to raise the price at the end of the week remarkably by 6.06% and close at the level of $1.40; the highest price since 52 weeks.

As for the blue-chips with the highest market capitalization, the transactions of Bank of Palestine BOP- the largest bank by market capitalization- constituted 11.90% from the PEX total trading value, whereby, the stock traded in a narrow price range and maintained significant support level since weeks, to close at the level of $2.52; up slightly by 0.40%. Moreover, the stock of Palestine Development and Investment Company PADICO- the largest investment company by market capitalization- constituted 6.39% from PEX total trading value-, declining by 0.85% and closing at $1.16. Furthermore, the transactions of Palestine Telecommunications PALTEL- the largest company by market capitalization- constituted 4.25% from PEX total trading value, closing at JD5.05 without a change.